Shares of General Motors are up 1.5% in premarket trading after reporting quarterly profits that exceeded expectations, driven by strong US sales. The impact of strikes was minimal, mainly because United Auto Workers’ labor actions began late in the third quarter. However, the automaker has retracted its full-year forecast due to anticipated financial challenges in the fourth quarter, especially as the strike approaches its sixth week.
GM reported a third-quarter adjusted profit of $2.28 a share, exceeding Wall Street estimates of $1.84, thanks to its North American segment achieving strong growth with historically high vehicle pricing. Revenue beat analysts’ forecasts by $1 billion, reaching $44.1 billion.